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Should income and corporate taxes be lowered and a consumption or national sales tax be imposed?

The Bipartisan Policy Center is proposing an overhaul of the U.S. tax system that would lower income and corporate tax rates and offset them with a 6.5% national sales or "consumption" tax as well as an excise tax on sugar drinks like soda.

What do you think? Is there a VAT-style tax that could be balanced against income taxes to improve the system?

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LOOK at this poll question:
WHO said ANYTHING about LOWERING the Income tax or corporate tax??? These polsters must be straight from the (so called) Deficit Reduction Commission, as they ALSO consider only how to add yet another tax, and fade when it comes to cutting anything. LET ME TELL YOU: The FairTax is a citizen's bill (HR25) that) is going to ELIMINATE your sacred cows, and ride through the theft upon American paychecks like krap through a goose! We're going to SHUT DOWN the "Income Redistribution Service" and allow THE PEOPLE to have control of their taxes, yet still keep the government running, but ON A LEASH. NO MORE Income tax, Corporate tax, Payroll tax, Self Employment tax, Capital Gains tax, Death tax, gift tax, ALL GONE!!! ALL Federal TAXES!!! -- And, once we have that, and the economy tops the charts, we'll move on to those property taxes that threaten our liberty! www.FairTax.org and FairTaxNation.com Citizen's GOTTA demand it, cuz the politician's like all that power!

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We live in America, a former democratic society, that has fully morphed into a plutocracy.

So it matters not what the little people want, they won't get it. Anytime a rich or wealthy person says or claims that this or that system is fair, it probably isn't , same with politicians who claim to be the peoples servants, they don't mention what income group they are serving.

My version of fairness is this, a 23% tax on all income no matter what color of lipstick you put on it.

The claim that lower tax rates is a job builder can't be proven with hard numbers only theory. IF G.W.'s tax breaks created 780k jobs per year, it would be 15+ years before ALL the unemployed are working again. the Proof is in the last 8 years of it's implementation. 15-20 million unemployed minus 750k new jobs a year = 15+ years.

Larry Kudlow reported that investors made over $6 trillion in wealth in 2009, at 23% tax rate the gov't would have raised $1.3 trillion, what's the projected deficit? $1.3 trillion, couple that with receipts from the working class and suddenly deficits and debt start to decrease and become more manageable.

Between 1950 to 1980 the working classes wealth went from $17k+ to $32K+ an 80% growth and owned about 65%+ of all the wealth, between 1980 to 2009 their real income rose a paltry $303 dollars at the same time rich and wealthy people went from 25% of the wealth to a whopping 85%+. The Plutocracy is now in place, republicans claim to fear socialism by pointing failing economies around the world , point taken, but they CANNOT point to one Plutocracy that eventually didn't fail and in the process took their country down the drain.

As long as we are governed by the rich for the rich the recession that now controls the lives of working class America WILL NEVER end. They feel an entitlement to being rewarded for creating their wealth is in order, and those working stiffs need to be punished for not being rich!, meaning ONLY the working class should fund America.

All this talk about fair, isn't! Have you watched "undercover boss", every boss or ceo needs to go undercover and rub shoulders with those they employ, those that have, have discovered gold in their employees, and have changed their out look on their workforce practices. Labor is not your enemy!

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We're not a plutocracy, we're an oligarchy. The oligarchs are an elite group of political hacks and their friends. They are now in the process of killing the goose that laid the golden egg, but none of them will recognize that fact until long after the goose is dead and eaten.

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A National sales tax is a bad idea, Replace the income tax with Steve Forbes's flat tax, and enact tort reform that includes a "loser pays" provision and this Country would be well on the way to recovery. The lawyers and Accountants won't be too happy, but the rest of us would fare very well.

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People making between $100,000 and $300,000 pay the highest level of marginal taxes. Deductions begin to phase out, the AMT kicks in, and for two income families nearly all of their income in subject to Social Security taxes. We need a flat tax with deductions only for personal and dependent exemptions so that everyone pays the same marginal tax rate. We should also eliminate the myth that Social Security is a personal savings plan and fund a flat payment out of the general fund for retirement and disability.

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I'd like to be able to write a few lines and convince everyone of the genius of the FairTax; fact is everyone needs to do a little homework on this one and draw your own conclusions. 4 out of 5 who understand the FairTax, support it. Start with The FairTax Book by Boorz and Linder, or go to www.fairtax.org. If you're feeling particularly wonkish, read the bill. HR25 at http://thomas.loc.gov/. It's only 132 pages. What we do about taxes in the near future may turn out to be an existential question.

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I, as many do, love the whole structure and all of the details of the Fair Tax. If we implemented the entire program, America would quickly become the richest nation on earth again, and other countries would be forced to follow suit to compete. All mankind might benefit.

The Fair Tax's problem, however, is that it takes much of their power (to tax, punish, grant favors to friends and contributors, do "social engineering" - the list is almost infinite in length) from the politicians. I can't see their EVER letting that happen.

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Oh so that's it. Instead of the US possibly believing that the rest of the world, almost 150 other countries know what hey are doing with their VAT, those 150 countries should instead follow the US and do what he US decides is best. CJ - honestly - the time of the supremacy of the US is over - Ni Hao

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It hasn't nothing to do with the US's being superior or "knowing better." The principles of the FAIR Tax create wealth for all to share. Income, property, and so-called "value added," taxes not only destroy weath, they discourage its creation, so there is less for all to share.

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CJ one can only assume that you do not understand how Value added tax works. VAT encourages savings - not consumption.Which country that has enacted a FAIR TAX claims it is a proven policy? Which country? 150 countries have enacted a VAT and almost all of them will tell you, it has been an effective tax policy. No one likes a new tax, but to ensure that the engines of the economy (business) are not burdened by any new tax, the only choice would be a VAT.

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I would like your opinion on my current cause.I want to get the occupy movement to focus on fair taxes. I do not care what or how you pay or don't pay taxes but if you are not paying 1% of your net worth you are not paying your share. I say the movement should be focusing on 1% minimum for the 1%.those that do not pay income tax still have many other taxes they pay, that together add up to way more than 1% of their net worth. Bumping our heads against the wall saying things are wrong in America is not a solution. Getting our financial affairs in order has to be the start. We can afford to pay our bills, just look on any hill anywhere and you know that. It is the fact that we don't tax enough to pay our bills, that things got this way in the first place. Nobody gives a hoot about whats going on if they are not paying for it anyways. Taxing the citizens enough to pay for what the government spends is the only way you will get reform in spending. Right now you have both the Left and the Right hooting and hollering wan wan wan all the way to the bank. If you don't make them pay for it they will never get off the ride.Magicbowlbob

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With nearly $25 million invested in research, why on earth would anybody be suggesting any consumption tax other than the FairTax? This is the most comprehensively thought out alternative tax plan ever brought to the halls of Congress. With all due respect to Econ 101 students out there, the alternate tax reform proposals such as the flat tax sound sophomoric by comparison. Your proposal for example with it's meager rate, could not begin to be "revenue neutral".

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Alas, that is 25M wasted, or put another way, 25M that could have been saved. No need for the US to try and create something new or unique in terms of "modern tax policy". The solution as Mulder would say, "is out there". The rest of the world knows it and much of the rest of the world already pays the Value Added Tax. No, a VAT is not a European tax, and NO the VAT is not what has got all the PIIGS and others into their current state. The problem in Greece (not the only problem I might add) is that no one pays their fair share. Tax evasion and corrupt tax officals are the norm. It is not a simple problem of the VAT. Look beyond Europe, in fact, dont even look as far as Europe. Look North to Canada or even South to Mexico, both these countries operate a VAT like federal consumption tax. Canada in particular is much more like the US than any EU country. Why not see what the VAT, known as the GST (Goods and Services Tax) originally and now the HST (Harmonized sales tax) in Canada has done. FIrst, let's have a quick look at the history of Canada's GST / HST. Began in 1991 is started with a rate of 7% with a current rate of 5%. Yes, the VAT rate in Canada has gone down my friends. What else about Canada. No bank failures. A similar % level of home ownership as in the USA, yet with no similar mortgage interest deduction. What about other taxes? One topic that has taken up plenty of column space over the years has been the high rate of US corporate tax, currently at 35% and that many of the largest US businesses pay no tax, or avoid US taxes by keeping profits overseas, thus depriving the US treasury of needed tax revenue. In Canada the standard rate of Corporate tax is set to decrease to 15% shortly. THat is less than 1/2 the rate of the US. Oh yes, Canada also has a national health care system. The Canadian dollar? Earlier this year trading at above par value with the USD. How can this be so? One reason behind this is the introduction in 1991 of the broad based consumption tax "GST". This was one step on the path to fiscal responsibility that basically put Canada's book in order. This was followed during the downturn of late 90's with across the board cuts in every federal government department - defence included. These two steps really are the backbone of what has allowed Canada to whether the combined economic storms of the past 15 -20 years. As the GST matured and provincial governments noted that the broad based nature of the consumption tax, along with it being business friendly owing to the input tax credit mechanism, the provinces wanted in on this "modern, fair tax system". Soon, provinces from east to west were coverting their existing retail sales taxes into VAT's and combining these with the federal GST portion. The new tax was known as the HST (harmonizing the 2 levels of VAT into a single tax paid by the final consumer). The US with its massive multi-trillion dollar debt burden, should take a page or 2 out of Canada's book and look to modernize its tax system the way others have. The answer isn't some new fangled tax unique to the US. The answer is the VAT. WIll it be revenue neutral? Of course not - it shouldn't. The US fed requires hundreds of billions of dollars more each year to pay down and pay off the massive debt. To understand this concept, one might listen to what Alan Simpson had to say at the recent WSJ CEO summit with his explanation of what a "trillion" looks like. And for all those who shudder in fear that new revenue will cause a growth in government - again, look north to Canada. All that "new" GST revenue went into a special fund to pay off the federal debt - this began with getting a grip on the massive interest payments, then chipping away at the debt itself. Good luck.

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While I agree that there is better ways to tax then we do currently, that is not the 1% minimum issue regardless of what taxes are now or what they change them to in the future if you add up all the taxes you pay and they don't come out to 1% of your net worth you owe the difference. the issue is not about taxes it is about fairness.

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Several VAT systems, including the Australian GST system, impose additional taxes on luxury items. For example in Australia the Luxury Car Tax (LCT) applies on vehicles that with a GST included value exceed a certain threshold. See (http://www.ato.gov.au/businesses/pathway.aspx?pc=001/003/101) . Thus, for the 1% who can afford certain luxury vehicles (think BMW, Merc etc) they will pay an additional amount. This seems one way to move towards "fair". If your vehicle is public transit, or a bicyle you avoid the LCT and you might also avoid a VAT if a US system exempts mass public transportation.